I think it is TODU Series 5 Episode 5. The video is available at http://series5.topofdownunder.com.au/ but it'll cost you $2 or $3 to rent or buy via Vimeo.
I remember watching it on TV earlier this year. No way I would tow my Ulti up that, but Penny barely had a blonde hair out of place.

For anybody wanting to leave that end of the Wonnangatta Valley, and climb to Cynthia Range Track, there are two options - Wombat, and Herne. Wombat is steep, and (apparently) rated "Double Black" - not to be taken lightly. On whatever maps show these ratings, I've heard that "Herne" is unrated - as in, "beyond Double Black". So, anecdotally, some 4wders make their way into the Valley (presumably via Zeka Spur) and decide that the "Double Black" Wombat Range Track is too ambitious - so they elect to exit via the unrated Herne Spur instead.

I'm not surprised that an open-diffed Pajero maxxed out the traction control on Herne Spur, regardless of tyres.

Penny Wells, of "Top of Down Under", towed a camper trailer up Herne Spur. Her LandCruiser was working hard.

If anybody can find the footage online, please post.

Haven't been down there for a while but we used to go a few times a season. We would take wombat in the wet, herne in the dry. Wouldn't be too stressed towing up Herne from a technical standpoint as it's steep but straightfoward but I'd be a bit nervous about engine/trans temps. Would not be very comfortable to tow down it though, could see that going pear shaped.

In regards to the OP, I've never had the TC beep even when working it hard but I try the softly slowly approach first wherever possible and haven't done much clay uphills in this car. Have seen it in other pajeros though. Classic clip from HSV Rangie shows it dropping out and stopping forward progress (my old blue paj up front). About 3:15 mark.

We started at Mansfield then spent the first night at Lovicks hut. Only 2 degrees and rain all night so the tracks the next day were a lot more challenging. Came into Wonangatta valley using the Zeka spur and spent the night camped in there.

It was much drier and warmer down there and we headed for Talbotville campground and we did use Wombat track to climb out of the valley. That was when the old TC bell started to chime as it was a pretty steep climb out of there. we made it over to Talbotville and camped there and had a warm dry night.

Took off next morning to head towards Dargo and took the Crooked River track for one last bit of fun. I am not sure of the exact number but we crossed the Crooked River around 20 times in about 4 or so kms. Some of the entry and exits were pretty chewed out but we all managed to get through them That was the second time that the TC bell started its song. There are a couple of pretty steep climbs along there but we all made it into Dargo for a pretty good counter meal and then home.

If you are looking for a quick long weekend trip to the high country then I reckon that this is the perfect route as it offers some challenging tracks, great views and some pretty places to camp.